7KH +RQRUDEOH -DPHV * &DUU 8QLWHG 6WDWHV 'LVWULFW -XGJH IRU WKH1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ5(&200(1'(' )25 )8//7(;7 38%/,&$7,213XUVXDQW WR 6L[WK &LUFXLW 5XOH (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU)LOH 1DPH DS	

			



(11(7+ $.$&6		



$+1872027,9(25325$7,21872:25.61&	

 !!"##$%&'()
(	((*(&+(&(%&()	()&*(&+(%)(*,(- ..!.!/0$(&+)%*(&+(1&2*+'&3...*+$2#&$"3..4%&2*
567&+(18*(&+(13

 !!"2QHRI WKH PDQDJHUV +HOHQ :HEE ZDV ZLWKGUDZQ DV D SODLQWLII LQWKLV DFWLRQ SULRU WR WKH HQWU\ RI ILQDO MXGJPHQW  &( 1 4&9 7:	 
 ;<6 *,( ) %& ##$$(  1$  &<5
	 : ; *<< *,( ) %&##$$   :, (( 

* 	*:7  <4   <

 0)( * %& '+ & 
  &( 1 4&9 & * 17:	
;<6*,()%&##$$(1$  & 1)  *$$ <5
	 : ;*<< *,( ) %& ##$$  :, ((:$ & 

* 		 *:7 <4	<

0)(*%&'+& <	 7 &+( 1  ) +&(%+$'%&=&('#,&)(&()&<&	(&+(>?<	@A3
	B3.
,(9(, =%&'&'&&(('&>?() '&@A ( (9&C 
+ >?(9&C@A +'#,   () $ % ('(= #&( #&+(   #&$ D E %(& &=9 () #&(F+& '( %& ''&, G'( () (&+( +&(&(#&($''&,G'(%=&%()'&  ''&, G'( %& *%( ##$$()('(=&#&(>?)@A9)+))+H&(9&C='&%")$()(()'&9&  I'#( '#$, (($ ( =&('+'#(()()+$(&(()?99% !!"

"+&&+(@ % ( ?#&&=@ I'#( (( %& +)'&%(& &$= '&% %&()&()(&+( +&( (& %$ G'( ( ) 9&'(()'&+(&3E)9##$()(&+(+&(FG'(%&(++&()#&($&(%''&,G'(&&()'&F'#$,'((()F$(,(($J() ?99 % +&&+(@ %  &() &()(%$$9 9 () (&+( +&(F + ()( ()'&9&(I'#(I+(='#$,&()<	()()9((($(()?99%+&&+(@%()+(
	
 ='& 3 " ) +H& (9&C +'#, 9() - ('(= &($ (&  (&(+(&  '& () !.. '#$, %&' &()&('(=&#&(%(&#&+)(9&C)(9#&($&#&$#$+ %&()+'#, ( ( +( (   '#$'((9&CF I( #$+ +$ ( #$+, +&&+(= +( & +#$&, #$+,  ) +#$&,#$+,#&=()('#$,%(9&C9&G+((# 9()( #, %& '++(  () G  )#$+,%&()&I#$()(''&%''(9&$ G+( ( +) #)'( #+%, ()( ?% ()K#L +(   	  K()#&=&'(L%&'K)M)&L#,&$$&#&((=()(()+()#
%()+(9#(+#$()'%&=$(+'#,#$+,(),)$(#%&+)$(''@1(##I >?1@A ( 3EN >	(& #&( 7$A>'#)A)'&()+&(()((),9& 9& % () +#$&, #$+, & ()&'#$,'(((9&C()((),$=(),+$#9()(#,%&+#$&,&
%+(%&'='&%"9))#&+)(9&C(1%-=''&%''(+$!

 !!"7KH PHPRUDQGXP UHDG LQ UHOHYDQW SDUW,W KDV FRPH WR RXU UHFHQW DWWHQWLRQ WKDW ZKHQ $XWRZRUNV ,QFZDV RZQHG E\ 1RUWKHUQ $XWR &RUS WKHUH PD\ KDYH EHHQ DQXQZULWWHQ SROLF\ WKDWSHUPLWWHGPDQDJHUV DQG VHQLRU DVVLVWDQWPDQDJHUV WR EH VXVSHQGHG ZLWK QR SD\ IRU YDULRXV UHDVRQV$Q\ VHQLRU DVVLVWDQW PDQDJHU RUPDQDJHU ZKR ZDV VXVSHQGHGZLWKRXW SD\ VLQFH 2FWREHU  VKRXOG EH FRQWDFWHGLPPHGLDWHO\ DQG LPPHGLDWH DUUDQJHPHQWV IRU SD\PHQW RI DOO ORVWZDJHV ZLOO EH PDGH-$ DW ()&%()'&()+9	()(#, %& +#$&, %&+( & %&' (& (%$&('C('$,C#(($$, %&(($%(9$=++=&$''&%''(+$($(=%()'&()+9&()&(9&(9()#9()(#,+%+#$&,%&+(1%-)+''&'($$'&((9&C()((9$(#,'&'& 9()( #,  ()( ( 9$ &'& ,'&9))%%&+)#++&()(9+'#$($,9&%(9&CF+#$&,#$+,($7,%-9)()&$9(9%$(''($,=((()$'(()#$+,)&%(&) &'&() ='&9))#9()(#,&()#(,&)$%%&()&$(9C+()&'&%$(+(&%-C#=&('+'#((()'&$(%)F=$(%()<	3
	B3.E>A#$$H( '  ()& ##&#&( &$%  
+&()#&(F+&'(%&''&,G'(() (&+( +&( &( () '& #&($ ''&,G'(  () & ()( (), 9&  I'#('#$,(($(=&('+'#(()()+$ ( ++%$$, &( () ?99 % +&&+(@%)(&+(+&(()&()$=(%$ !!"

"', &( () ?99 % +&&+(@ % ,&'& '#&#&$, #) '#$, 9) 9&#$J %& & ()& () $+C % 9&C  
!	N3"DD-DDN>()&A-3N
	NE!>A8
!	"3."!!!E>()&EA8#$%$&
!-"3!3>"&EA
$C()+&(()+&(&+) ()& ++$ 9()( () %( % ()+&(&,F (&#&(( % () ?99 % +&&+(@&$(  '&=& ) ( ++$ ()( ()'#$,&  ()& + ) #$+ #&'(('#&'$+#$&,+(&+($#&+(+%'C+)+()&%&9%()+(#&=' " .. 3EN3..0< "33E3 ( O! D  
 () ()& +&+( ()( )=& ()  9() () %( % () 	+&(&,F(&#&(()=&+)()'++$()(9&&=((,' " .. 3EN3..0<"33E3(O- D8(33"(3N8)3.N"(.3 
# !*
+".	##3...33 3!>7*NA8		 +N3	##3!3-E>	*6EA
'9%&(()	+&(&,F(&#&((%()?99%+&&+(@&$()$()(()(&+(+&((&&  &% ( $$9 ) ( ($J () ?99 %+&&+(@%0&9()$()&9()?99%+&&+(@%+$&$&$,,'#$,&(=()& &#$(&()<	(($)#$+  #&+(+ +(( 9() () ((=&H&'(%&I'#(%&'=&('&H&'(%&I+(='(&(&#&%$+'#($&,
++$9%%&'()(&+(+&(F+()(()'&9&(I'#(I+(='#$,&()<	()()9((($(($J()?99%+&&+(@%()+()&%&9()(&+(+&(FG'(()+3

 !!"H($,()	+&(&,F(&#&((%()&$((($(&%&+$(&$0 ++$ ()( () 	+&(&,F (&#&(( % ()&$(()(() ?99 % +&&+(@%(=$$(  '#$,& 9)) #$+, %'C#,+( %&' +$' $& '#$,  (+#$&,%&+(()&$+((9()()<	&$(
9&()(9)&((&(,()?99%+&&+(@&$($$9%()%$,%(&'#$,&)%&('(&((((#,('#$,$&,(O!>?
%()9&P$(F(()('#$,&'(%&(($)()((9(($(()I'#(9)+)&H& ()( () '#$,& '(&(( 9 #,('#$,$&,@A0 %&()&&9()()()&+(()( ?K(L(&#&(() &$()&9 9$$$9  '#$,& ( (&( ( '#$,  I'#( %&=&(' #&# 9)$ ( () ' (' (($$,%$(+'#$,9()() P$&,F &$@)3.N"(.3
+9$=()(%'#$,&+$'#$,?()99%+&&+((+'#$,&(&+(=$,9()()$& &H&'(@()?$&,@((9$&&?($$,'$@)3.N"(.38
(,33"3!3N>3&3...A 
	 3..0<ND!>
	7&  3..A > .. 3"-A  4+ 9 +& ()?99 % +&&+(@ &$( (  ' +9($=()(()	+&(&,F(&#&((%()&$(+$&$,&&&+((9()()<	&$(9%&(+)(&#&(()&%&$)(%&#&=(&'(()()) ()  #$+, ()( +&(  %+( $C$) %'#&'$ +(   #&+(+ % 'C +)+(9++$()(()(&+(+&((&&(&'()()%$()9()((9(($(($J()?99%+&&+(@%
9&G+( )F &'( ()( () +&( )$ %$$9 ()+%()&+&+(9)+))=)$()('#$,& !!"

-&9'(%&''&,G'(&&9)()&()##$+$<	 &$(9&&(&&,+#&+()=$ 9)()& (9 ,&( ()& ,&((( % $'(( 9 ##$+$  () + +)F+(9&(9$$%$7,3NE)%$  '( %& &+&( % () (&+( +&(F+++&()'&F'#$,'( (()F$(,(&(()?99%+&&+(@% %$  &9 '( %& ''&, G'( ()&J , () (&+( +&(  7&+) ". N ()(&+(+&()F'(%&&+&((++&()'&F'#$,'(((&()<	 )F $(, ( ($J () ?99 % +&&+(@%   )F &9 '( %& ''&,G'((++&()=$(,%()##$+$<	&$(  ) (&+( +&( )9=& &( )F&9'( %&''&,G'(( &$((()H(%)F9$$%$&()<	)()%$'(%&(&$+(&,##$%()(&+(+&(F#&($&(%''&,G'(%=&%()'&9)+)()(&+(+&(%(&)$(&$()%9)()&)9'#$,&&()<	'()(&+(+&((&%$G'(%&()'&&&)(#,()'&'()&+$ &$((&,F %+()F('$,##$%()%$G'(%+()%()'&F'#$,'((()F$(,(($J()?99%+&&+(@%		0 &=9  =  (&+( +&(F &( % ''&,G'(!	-
."E-"E-->D() & A  -3N 
	 -E >3...A''&,G'(#&#&$,9)()&#(('(&$H(%%+(#&(,(($(G'('((&%$9(' ,9 : -D>+AQ9$$ %+( %&+&9()&%&'()$)('(%=&$(()'=(9()(&'9)()&()=+#&(+)()(&$G&,+$%D

 !!"%&()(#&(,."(E-->+(-
"+
./
!E-
	-E!-NE>NDAA  
   9 &=9 () (&+( +&(F++$%$9=(%%%+(%&+$&&&&+ !")&()(()(&+(+&(&&(&'()('& ( (9&C 9& ( I+(= '#$,I'#( %&'()<	=&(' +'#(#&=+ (9&CF +#$&, #$+,  ( +&( %+($C$)%#,+((+#$&,%&+((9&C)+($#&+(+%'C+)+(0&)<	#&=()('#$,',(&H&(9&C '& () %&(, )& #& = , 9C 9()(=&(' +'#( (  &( ( $ ()   )$% (' ()& &$& #,  3 
	 B 3.E>A>A0&C& 9) & '#$,    % I+(='(&(=&#&%$+#+(,)9=&&I'#(%&' () =&(' +'#( #&=  3 
	B 3">A>A  I'#( & () <	 & &&9$,+(&(()'#$,&#)$
!+ "D 
	 "NN "3 >D.A8 )  ! 	 3.N".N-.N>()&3...A
&()<	&$('#$,'((%,()&)&(((('I'#(I+(=#&%$&'(&(='#$,2>A(((8>3A$&,$=$((8>"A$&,((3BB-!-!>%A8-!N8
3BB-!3-!")$,(((()+()$&,((9)+)#&=()(?KL'#$,9$$+&(#P$&,F9()()'%()&$(%&)'#$,'(&'()&$&$,&+=+)#, #&   9C$, & $ %&H(  #&(&' '( +((( $$ & #&( % )+'#( 9)+) '(  ( G+( ( &+(+%=&(()H$(,&H((,%()9&C !!"

&$( , () 	+&(&, % <& = % (), &#&=()%&'%$$&%A



!-3
	-ED-NN>3...A>?K*L%&+K(+,F(&#&((%(9 &$(L 9&&($,9)()$%()&$('@A () '+ &% () 	+&(&, &( ()( ?'#$,&F G+(= ( #, () '#$,  P$&,F(&'(=%9)()&'#$,&+() P99 % +&&+(F@  '+ 4& ( N  )+&(&,%&()&I#$()(?KL'#$,&()(#&+(+%'C'#&'$#,+(&)#$+,()(%%+(=$,+''+((('#$,()(+)+(9$$'+&$,)((%#,('#$,P$&,F()&%&)&+&(()P99%+&&+(F%&+('@'+ 4& ( N 8 
  ( " >?) P99F)$ (  & ( $$9  '#$,& ( ( ()(((&,=&('I'#(9)&)&()('#$,&)+($#&+(+%'C'#&'$+(%&'#,#&((($)#$+,@A<C () 	=() &+( '  %$ 

00 " .. 3EN3..0<"33E3>E()& 7& 3 3..A 9 $= ()( () ?99 %+&&+(@&$('&&9)()&(+(+&&+(#$+,&#&+(+%'C'#&#&#,+(()'+&(&+J?()&$((I#$+($,((()((=$$(+&&+(#$+,&#((&%+(()$=#()H(%9)()&(##$(()+&+'(+@+(O"
()&9&9)$()?99%+&&+(@&$(',(&#&($$9%()%$$+I+#(%&()9)&()&#$+,&#&+(+%'C#,+( %& +$' $& '#$,  ( $+C %9&C(',$&$$9%()%$,9)  '#$,&  ( )=  #$+, & #&+(+ %'C#,+(?+%=&(()H$(,&H((,%()9&C#&%&'@3B-!N>A.

 !!")%%+(%'C+(9)+)(#&'((&()(&#&((9$$##()%+(()#&(+$&+0)&+(&&$$,'9)()&9&C=$$(+(()(()&9(((#,()'#$,$&,+)+()I'#(9$(##$+$()'&()(&#&9)+)+(9&'()()&)9)&+((#&'(( ,()(&#&((=&(( &'%&&()&()$+C%9&C()I'#(9$$(+&()=$(%()'#$,&&'& () '#$, %& +) +( #&'(+'#$,()%(&3  B -!N>A>DA  
 () 	#&' &((&'()(()'#$,&+$=C()?99%+&&+(@ % , &'& () $ '#$,9)#,)&+()&)+#$&,+(()	#&'&( &G+(()&'(()(&'&'( % $( 9 & () ?99 %+&&+(@'('''($,#()+=&,%()'#&#&+(%&()&)$()(()?99%+&&+(@+$##$,((+9)+)+()'=&(($,&?%&&()&()$+C%9&C@-
	(!D")	#&'&()9=& ( &() +(&$ H( () + 9)+)9)()&'#$,&',($J()?99%+&&+(@%%()#$+,()(+&(%+($C$)%+#$&,#,+(%&$&'#$,&) +($ #&+(+ % 'C '& ()  $ +)+()	+&(&,%<&'+&%#&='+((&#&(()?99%+&&+(@%)9=&   () 	#&' &( ) ( 9)& ()&$(('()	+&(&,F(&#&((%+)&$(+(&$$?$#$$,&&&+(( 9() () &$(@  - 
	 ( !D>+(( '((A >( ()( +&( )$ %& (&$  +(( (&#&(( % () <	 !!"

E#&%&'@3B-!N>A
&()((#,+(()(&'+%+#$&,=$(& '#&'$ I+#(   (+ R % (), &?'#%()%&%&+(%%(,&$%'G&%++@3B-!N>A>-A  / - 
	 !-3 >EA () 	#&'&(#(()	+&(&,%<&F(&#&((%9)+(&,%'#$,+&()=(%()$&,((&()<	)$()('#$,&)('(&(G+(=((((&(+(&,%'#$,I'#(%&'()<	9)&()('#$,&)'#$,'(#$+,()(+&(%+($C$)%+#$&, #, +( & )  +($ #&+(+ %'C+#$&,+(%&'+)'#$,F#,(!D D"=$=+$'%&=&('#,,=&$&($((%()	(<:$+*#&('( 9) '( ()( (), 9& ( I'#('#$,&()<	+()+(,F#$+'$#&= ()( #&('( '#$, 9& G+( (+(#,(+#$&,%&+(&$((()H$(,H((,%()9&C(),#&%&'+ &( 9) ) =$( () +(,F &+,&H&'()+($$,&+=+(#,%&)%&+( + ( !-- !D"  
 &=9 () %%+&F+$'()	#&'&(++$()(()%%+&9&#$&,)	#&'&()$()(?KL+$& %&+ K+$L  &9 (()$C$) % +(F##$(@()%%+&+()+(,F#$+ '$  ( #+%+$$, (%, () %%+& &()&$&'#$,G+((+#$&,#,+(+(!D3)	#&'&(I#$()(()+%+($+(	()	+&(&,F(&#&((?&H&KL+$&#&(+$&J#$+,R 9)+) P%%+(=$, +''+(KLF ()( +(K9$L'#+%+&+'(+@(?=KL()'#(%'=(+#(=&('$$(,((9)+)=&&$,9&#$+,'$$,##$+$(9)$&%#&$
1
	! !*    
 
N

 !!"
!@+(!D >'#)A)&%(&()#&'&(++$()(+)#$+,I(+(!D3 D"+()	#&'&((&'()(()&9 ()&  %+( $C$) % '#&'$ #,+(&+($#&+(+%'C+)+(, () 	( < :$+ *#&('( ( () )$ ()( ()#&('(+$#&&=()I'#(((%()%%+&9) ) &+=  +#$&, #, +( & ()?99%+&&+(@%=())+)+(9 ( =&((  () %%+& ) ( $&, &'&+(!D" D!##$,()((#((()+9++$()( '& ( (9&C 9& ( I'#( I+(='#$,&()<	+(9&CF+#$&,#$+,+&(%+($C$)%#,+(%&''&(+#$&,%&+((9&C)+($#&+(+%'C+)+(%&''&&($C9)&9++$()(7'#) #$+ +#( 9& I'#( $& I+(=&()<	()+#$&,#$+,()+I#$+($,(( ()( ''& % ''( ( '#$, $$'#$,&G+((#,+((+#$&,%&+( #&= ()( ?% K #L +(  	  K() #&=& '(L %&'K)M)&L #,&$$ &#&((=()( () +( ) #
%()+(9#(+#$()'%&=$(+'#,#$+,(),)$(#%&+)$(''@1(3EN>	(&#&(7$A>'#)A&()&'&()#$+,($() #&+& +&, ( #  +( =''& % ''( 9()( #, %& +#$&,%&+(0)=9(()&9$=()(()%() %+(& ' () #$(, % +#$&, #,+( %& '& ( (9&C '& ()  '&()&(+$ #$(,  %&()& )9 ()( (9&CF#$+,?#&'(K(L+#$&,&()&+(#,P#&+(+$'((&F@-
	(!D#
! 	 %

 N " N 3 33 >3 & EA>&(&H&#&%()($&'#$,F#, !!"

9$+C%(),+''((#+%+%&+(A8
! !	 !3. "EN! >()&EA>++$()(()&9%+($C$)%'#&'$+(+()'#$,&'#$'( &=9 #&+(+ ( = #$+ '#+( $&, '#$,9,()(9$=$(()<	A 9 $ ++$()( (9&C )  +($#&+(+%'C+(()#,%('&() &+& &=$ =& () +& %  ,&  )$%(9&C & )F ''( # =''&%''(+$()&%()'&()+9()(#,%&=&(,%+#$&,%&+(()&9&=&,()&'()(9&C#($(''('#$,9()(#,%&+#$&,&7&=&%&(($%(9$=++&(),&   )$% #& =&$ ''& % ''(+$($(=%()'&()+9&()&(9&(9()+#$&,#9()(#,%&9&C=$(0$=()(()++&&++#$ 9()() %+(()( )  ( +$'()(()+(++&&&$+&+'(+%%+($,'(&( ()( (9&C )  +($ #&+(+ %#('&9()(#,%&+#$&,&'9++$()(()(&+(+&(+&&+($,++$()( (9&C )  #$+, ()( +&(  %+($C$)%'#&'$+#$&,+(#,()((9&C)+($#&+(+%'C+)+(#$%&'(
))*%+(")$&()(()(&+(+&(&&++$()( (  ( (($ (  () ?99 % +&&+(@% ( ?#&&=@ () I'#( (( % '& ((9&C0&)<	&$(%()?99%+&&+(@%%$$92